REX AMERICAN RESOURCES CORPORATION
REX · Materials · $1.5B mkt cap · FY2026 filings · Shallow moat ·
Doesn't clear the bar
The five investor questions
2010–2026: revenue 169777000.00 to 650487000.00, increasing; diluted EPS 0.46 to 2.50, increasing. 1 fiscal year was not jointly reported; CAGR uses the full 16-year elapsed span. Diluted EPS was derived from net income and diluted weighted-average shares in 2 years where the direct tag was absent. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.
Median gross margin 10.7% over 10y, variable.
Not enough years of ROIC data to score returns on capital.
Net cash position — no leverage risk.
Owner earnings +10.8%/yr, share count n/a.
The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.
Price vs. owner-earnings value range
- Owner earnings (normalized)
- $65.3M
- Value range / share
- $22.02–$22.02
- Conservative high estimate / share
- $22.02
- Recent price
- $46.16
- Price vs. high estimate
- 110% above high estimate
Conservative range under moat-index@2.0.0: low end 11.1×, high end capped at 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
18 years of fundamentals
The business, in plain English
REX AMERICAN RESOURCES CORPORATION booked $650.5M of revenue in FY2026 in the Materials sector and kept 14.4% of it as gross profit — a thin-margin business by that measure. After every other cost, 14.6% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $169.8M (FY2010) to $650.5M (FY2026) — about 8.8% a year compounded over 16 years.
The balance sheet carried $75.7M of total debt in FY2014. Balance-Sheet Safety scores it 78/100.
The share count rose 295.4% between FY2012 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 76/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Not disclosed in REX’s filings for these years — we don’t estimate it.
Gaps in a line mean that item isn’t in REX’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How REX AMERICAN RESOURCES CORPORATION’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored REX on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, REX did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Materials context
#61 of 304 scored Materials companies, ranked by Moat Score.
Nearest peers by Moat Score
- #59CNR Core Natural Resources, Inc.59.2 out of 100, Shallow moatShallow moat
- #60AXIL AXIL Brands, Inc.59.2 out of 100, Shallow moatShallow moat
- #62MTX MINERALS TECHNOLOGIES INC.59.0 out of 100, Shallow moatShallow moat
- #63TLF TANDY LEATHER FACTORY, INC58.9 out of 100, Shallow moatShallow moat
Compare REX with its nearest peers →All Materials companies on the Index →
Common questions about REX
- Does REX AMERICAN RESOURCES CORPORATION have an economic moat?
- Based on its FY2026 SEC filings, the Moat Index scores REX AMERICAN RESOURCES CORPORATION (REX) 59.1 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 83, pricing power 0, returns on capital not measurable from the filings, balance-sheet safety 78, capital discipline 76.
- Is REX trading below the conservative owner-earnings estimate?
- The owner-earnings value range is $22.02–$22.02 per share. It capitalizes normalized owner earnings at a 9% rate; the low end assumes 0% growth and the high end uses 0% growth, capped at 4% and 18×. Versus a recent price of $46.16, that is 110% above high estimate relative to the high estimate. This is a conservative educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has REX's Moat Score changed over time?
- The record logs 9 readings since Jul 17, 2026; the latest reads 59.1 out of 100 (shallow moat). No tier changes on record yet. (A methodology upgrade on Jul 20, 2026 re-based the score; readings across engine versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.